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Exercise 8-6 (Static) Goods in transit [LO8-2] The Kwok Company's inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021 physical couring befoin. considering the following transactions: 1. Goods shipped to Kwok fo.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $30.000 2. Goods shipped to Kwok to,b. shipping point on December 28, 2021, were recelved on January 5, 2022. The invoice cost was $17000. 3 Goods shipped from Kwok to a customer fo.b destination on December 27, 2021, were received by the customer on January 3 , 2022 The sales price was $40,000 and the merchandise cost $22,000 4. Goods shipped from Kwok to a customer fo.b. destination on December 26, 2021. were received by the customer on December 30 . 2021. The sales price was $20,000 and the merchandise cost $13,000 5. Goods shipped from Kwok to a customer fo.b shipping point on December 28, 2021, were recelved by the customer on January 4, 2022. The sales price was $25,000 and the merchandise cost $12,000. Required: Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet. Exercise 8-6 (Static) Goods in transit [LO8-2] The Kwok Company's inventory balance on December 31, 2021, was $165.000 (based on a 12/31/2021 physical count) oefore) considering the following transactions: 1. Goods shipped to Kwok fo.b destination on December 20, 2021, were recelved on January 4,2022 . The invoice cost was $30.000 2 Goods shipped to Kwok fo.b. shipping point on December 28. 2021, were received on January 5, 2022. The irvoice cost was $17000 3. Goods shipped from Kwok to a customer fo.b. destination on December 27, 2021, were recelved by the customer on January a. 2022 . The sales price was $40,000 and the merchandise cost $22,000. 4. Goods shipped from Kwok to a customer to b. destination on December 26. 2021, were received by the customer on December 30 . 2021. The sales price was $20.000 and the merchandise cost $13.000 5. Goods shipped from Kwok to a customer fo b. shipping point on Docember 28, 2021, were received by the customer on Januery 4. 2022. The sales price was $25,000 and the merchandise cost $12,000. Required: Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet